Private Equity in South Florida

A lot of threads are outdated from what I see. South Florida has better weather, the beach/ocean and more golf. Below are some SoFlo PE funds ($400M+; non-RE/energy) with last fund size and IRR listed (if available from PB).

Looking for insight into associate programs (after 2 years of IB). Specifically, any insight into:
- culture/hours
- experience/day-to-day (time spent sourcing/investment evaluation/acquisitions/operations)
- recruiting process (headhunters, case studies, on/off cycle, number of associates per year)
- chance of associate -> VP without MBA
- possibility to move from NY location to SoFlo location (i.e. HIG/SunCap)
- performance/fund outlook or any other comments would be greatly appreciated

Digital Colony (Boca) - $4B 2019; mobile and internet infrastructure – towers, data centers, small cells, and fiber
Sun Capital (Boca) - $2.3B closed 2019; $2.1B 2013 vintage shows 39% IRR
Norwest Equity (West Palm) - HQ in MN but new office; $1.6B 2015
AE Industrial Partners (Boca) - $1.36B 2018; $680M 2015 shows 25% IRR
HIG Capital (Miami) - HIG Strategic Partners $1.3B 2018; Middle Market Fund $3.1B 2019; 2014 Middle Market shows 31% IRR
Comvest (West Palm) - $836M 2017 shows 13% IRR; 2015 shows 1% IRR
Trivest (Miami) - $630M Fund VI 2018; Fund V was $415M 2012 with 22% IRR
Atlantic Street (CT with satellite in West Palm) - $500M closed 2019;
New Water Capital (Boca) - $406M 2015 shows IRR 1%

Comments (10)

 
Most Helpful
May 14, 2020 - 2:04pm

Don't sleep on Trivest -- $900M latest fund if I recall correctly.

HIG has (at least a few years ago) a reputation as being an extremely aggressive culture. They are largely "bottom feeders" and -- while returns are good -- they are known for high volume bidding (often at insultingly low prices) which translates into an absurd amount of low-ROI work for juniors

One thing you'll notice if you look at these shops is most people have some ties to South Florida... plenty of people get the idea of "I'll move to this warmer locale" but it's such a culturally distinct area that retention is tougher without existing ties.

 
May 14, 2020 - 2:16pm

Thanks for the insight. I edited to add Trivest

I have heard the most about HIG and often it being sweaty but I guess you can't argue with returns/decent brand name. I wonder if their middle market culture is very different than flagship.

Yes, I agree. I am from Florida and many people grow up and get used to the lifestyle I suppose.

Array
 
May 14, 2020 - 3:51pm

Incoming <abbr title=investment banking>IB</abbr> Analyst:

Thanks for the insight. I edited to add Trivest

I have heard the most about HIG and often it being sweaty but I guess you can't argue with returns/decent brand name. I wonder if their middle market culture is very different than flagship.

Yes, I agree. I am from Florida and many people grow up and get used to the lifestyle I suppose.

Don't believe it matters much as I've experienced the same "culture" with MM LBO fund, credit funds, etc.

Senior guys are sharp, but reckless to an extent. Will chase a ton of stuff, try and retrade post-LOI and ends up being a lot of wasted time and man hours for the juniors.

 
May 14, 2020 - 3:02pm

how much less does someone at one of these firms make relative to someone at a firm headquarter in ny/la

Array
 
May 14, 2020 - 3:08pm

as an associate? isn't tht the same as MF and UMM in nyc?

Array
 
May 14, 2020 - 3:12pm

yes as a first year associate in miami

MF/UMM should be 300+ in NYC or at least 275k from what I've heard

Array
  • 1
 
May 14, 2020 - 5:19pm

Yeah that's huge... don't see a portco tab on website but that zayo deal was huge with EQT

Array
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